Boeing has announced a dramatic leadership overhaul with CEO David Calhoun set to exit his role by the end of the year following a succession of high-profile safety mishaps. The manufacturing giant's shakeup comes after, an Alaska Airlines 737 Max suffered a panel blowout in January, intensifying scrutiny on the aircraft manufacturer's operations, according to 9News.

Shares of The Boeing Co. saw an uptick of 2% at the opening bell following the news of the management restructuring. President and CEO of Boeing Commercial Airplanes Stan Deal is retiring immediately, while board Chairman Lawrence Kellner has decided not to seek re-election in May, King5 reported.

In a turn of events that sees a change in the guard across Boeing's top ranks, the company named Stephanie Pope, currently COO, as the new head of its commercial airplanes unit. Notwithstanding the positive reaction in the stock market, the company finds itself at a crossroads as it deals with the fallout of the recent 737 Max incident alongside nearly three dozen production failures identified by the Federal Aviation Administration, as per King 5.

Commenting on the momentous shift in leadership, Russell Hackmann, President of Hackmann Wealth Partners deemed it necessary, stating, "When the ship has been running into icebergs not just once, but multiple (times), then it's time to replace the captain of the ship." He added, "Even though Calhoun took over a few years ago... we've been going from iceberg to iceberg, and you got to replace that guy," told Reuters. Despite the change in CEO, Boeing's reputation continues to hang in the balance as it navigates the aftermath of its latest safety lapses.